FCPT Announces Acquisition via Sale Leaseback of Three Automotive Service Properties for $5.9 Million
MILL VALLEY, Calif.–(BUSINESS WIRE)–
Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), is pleased to announce the acquisition via sale leaseback of three automotive service properties for $5.9 million. The properties are located in strong retail corridors in Missouri and are corporate-operated under triple net leases with 15 years of term remaining. The transaction was priced at a 7.5% cap rate on rent as of the closing date and exclusive of transaction costs.
About FCPT
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.
Category: Acquisition
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Four Corners Property Trust:
Bill Lenehan, 415-965-8031
CEO
Patrick Wernig, 415-965-8038
CFO
KEYWORDS: California Missouri United States North America
INDUSTRY KEYWORDS: Aftermarket Retail Automotive Restaurant/Bar Commercial Building & Real Estate Construction & Property REIT
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